People, Power, and Profits

People, Power, and Profits

Progressive Capitalism for An Age of Discontent

eBook - 2019
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A Nobel prize winner challenges us to throw off the free market fundamentalists and reclaim our economy. We all have the sense that the American economy--and its government--tilts toward big business, but as Joseph E. Stiglitz explains in his new book, People, Power, and Profits, the situation is dire. A few corporations have come to dominate entire sectors of the economy, contributing to skyrocketing inequality and slow growth. This is how the financial industry has managed to write its own regulations, tech companies have accumulated reams of personal data with little oversight, and our government has negotiated trade deals that fail to represent the best interests of workers. Too many have made their wealth through exploitation of others rather than through wealth creation. If something isn't done, new technologies may make matters worse, increasing inequality and unemployment. Stiglitz identifies the true sources of wealth and of increases in standards of living, based on learning, advances in science and technology, and the rule of law. He shows that the assault on the judiciary, universities, and the media undermines the very institutions that have long been the foundation of America's economic might and its democracy. Helpless though we may feel today, we are far from powerless. In fact, the economic solutions are often quite clear. We need to exploit the benefits of markets while taming their excesses, making sure that markets work for us--the U.S. citizens--and not the other way around. If enough citizens rally behind the agenda for change outlined in this book, it may not be too late to create a progressive capitalism that will recreate a shared prosperity. Stiglitz shows how a middle-class life can once again be attainable by all. An authoritative account of the predictable dangers of free market fundamentalism and the foundations of progressive capitalism, People, Power, and Profits shows us an America in crisis, but also lights a path through this challenging time.
Publisher: New York : W.W. Norton & Company, [2019]
Edition: First edition
ISBN: 9781324004226
1324004223
Branch Call Number: Overdrive eBook
Characteristics: 1 online resource (xxvii, 371 pages) : illustrations

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e
empbee
Feb 16, 2020

An excellent book with plenty of good notes about the problems in the American economy, government, its politics, trade issues, lack of sufficient research, education, health care and other social problems as a result. Lessons to be taken.

v
voisjoe1_0
Aug 24, 2019

Stiglitz argues that there are two pillars to the increases in our standards of living over the past 250 years: better understanding of how to organize society (checks and balances, rule of law); and better understanding of nature -- the advances in science and technology. Trump and his team daily try to undermine both - they neither believe in democracy nor do they believe in science and truth. Once Trump is out of office (1 or 5 years), our country will not longer be counted on by other countries or our own people for returning to the two above pillars. Even if we do make agreements in the future, we have been weakened because we cannot be counted on electing responsible and truthful people that will stand by these agreements.

NFreaderNWPL Jul 20, 2019

"People, Power, and Profits" synthesizes the thinking in several of Stiglitz's prior books to produce a diagnosis of political and economic inequality in the U.S. along with a program of policies to address it. It's an exceptionally clear book that shines at explaining complex public policy issues in a low-key way.

The common thread running through the book is the blight of "rent-seeking": the practice of manipulating public policy as a strategy for increasing profits at the expense of others, rather than productively contributing to "the wealth of nations" (through, for example innovation). The diagnosis here will be familiar to followers of The Roosevelt Institute think tank and the primary campaign of Elizabeth Warren. If there's a shortcoming to the book, it's that Stiglitz at times makes it sound like rent-seeking describes every major political issue. The result is that some issues, such as poverty and basic income, receive somewhat superficial treatment.

A good pick for readers looking for a solutions-focused read and a way to step back from the daily political news cycle. Related titles include "Inequality" by Anthony Atkinson, "Social Democratic America" by Lane Kenworthy, and "Basic Income for Canadians" by Evelyn Forget.

j
johnulee
Jun 18, 2019

Every politician should be required to read this authors works, especially this one... especially at this time... The author provides an outline to what has caused many of our current economic (and thus political) issues and also, how to resolve them in order to provide equal access to opportunity, i.e. prosperity.... leveling the playing field and really making america great again... For anyone wanting to get involved in campaigns, a must read

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